Fleet Mortgages has cut rates on a range of 5-year fixed buy-to-let (BTL) products at all loan-to-value (LTV) levels and introduced a £1,000 cashback on 55% LTV mortgages.
Standard and limited company 5-year fixes at 55% LTV have dropped, with the 3% fee product now at 4.59%, down from 4.64%, and the £999 fixed-fee product at 5.14%, down from 5.19%.
The lender is now offering £1,000 cashback on these 55% LTV products to help landlord borrowers with upfront costs.
The 5-year zero-fee fix at 65% LTV has been cut to 5.24% from 5.34%.
Its 75% LTV equivalent is now at 5.34%, down from 5.44%.
Both 65% and 75% LTV products with percentage and fixed-fee options are down by 0.10%.
The 5-year 65% LTV fixed-fee product (£3,999 fee) is now at 4.99%, cut from 5.09%.
The 75% LTV version is cut to 5.09% from 5.19%, with the maximum loan size for both at £750,000.
The 3% fee 5-year fix at 75% LTV is now 4.64% for properties with an energy performance certificate (EPC) rating of A to C and 4.74% for non-EPC A to C properties, both cut by 0.10%.
The 75% LTV house in multiple occupation (HMO)/multi-unit freehold block (MUFB) 5-year fix has been reduced by 0.15% to 5.39% from 5.54%.
This product comes with a £3,999 fixed fee, £1,000 cashback and a maximum loan size of £750,000.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “Two weeks ago, we were able to launch new two-year fixes plus reduce rates on our existing two-year fixes, so it’s pleasing to be able to back this up with price cuts to both standard and limited company five-year fixes across a number of LTV levels, plus a 15 bps cut to one of our HMO/MUB five-year fixes.
“As we know, a longer fix such as this can be appealing to landlord borrowers for any number of reasons, not least the payment certainty over a longer term, but also the ability to secure larger mortgages if the affordability/rental criteria is met.
“It’s positive to see the direction of ‘rate travel’ continuing to be downwards, as it means we can provide advisers and their landlord clients with greater value and flexibility.”
Cox added: “We’re also able to help with the upfront costs for those landlords borrowers at lower LTVs with the introduction of £1,000 cashback on all our 55% LTV products.
“We’ll continue to support our intermediary partners with a competitive product and criteria offering in order to help them deliver positive outcomes for their buy-to-let clients.”
